Demand Spike on Binance Played Key Role in Bitcoin Rally: Kaiko

Posted on by American Coins & Gold

Demand Spike on Binance Played Key Role in Bitcoin Rally: Kaiko
Bitcoin’s steady march to near-all time highs came as traders correctly anticipated that the U.S. Securities and Exchange Commission (SEC) would approve futures-based exchange-traded funds (ETFs). But instead of it being a collective effort by both retail and institutional investors across multiple platforms, crypto exchange data shows that a large investor or investors on one particular exchange, using mostly a particular dollar-pegged stablecoin, are once again the main factor behind a rally.An Oct. 18 newsletter by data firm Kaiko indicates that bitcoin’s recent gains took off after the BTC/USDT spot trading pair’s volume spiked around Oct. 10 on Binance, one…